Search

LAVAL, QC, June 29 /CNW/ - BioSyntech, Inc. ("BioSyntech" or "the
Company") (TSX: BSY) today announced financial results for the fourth quarter
and fiscal year ended March 31, 2007.
Fiscal Year 2007 Highlights:
- Successfully completed a $21M financing through private placements
with U.S. and Canadian institutional investors
- Strengthened the Board of Directors and management team
- Initiated enrolment for the BST-CarGel(R) Canadian/European pivotal
clinical trial
- Increased number of investigational sites from five to 16 to
accelerate enrolment for the BST-CarGel(R) pivotal trial
- Obtained ITA approval from Health Canada for the BST-DermOn(TM)
pivotal clinical trial
- Initiated enrolment for the BST-DermOn(TM) pivotal clinical trial
- Graduated to the Toronto Stock Exchange (TSX) from the TSX Venture
Exchange
- Published multiple orthopaedic and scientific articles in
peer-reviewed journals
"Fiscal year 2007 was a pivotal year for BioSyntech and I am very pleased
with what we have accomplished," said Claude Leduc, President and CEO of
BioSyntech. "The Company is now fully focused on pivotal clinical trials for
two of our therapeutic medical devices. All our efforts are now geared towards
obtaining regulatory approval and the subsequent market launch of our lead
products BST-CarGel(R) and BST-DermOn(TM)."
Financial Review
Revenues were $77,380 for the 3 month period ended March 31, 2007,
compared to $18,161 for the same quarter in 2006. Research and development
expenses amounted to $1,599,392 for the quarter compared to $788,840 for the
same period last year. For the fourth quarter ended March 31, 2007, BioSyntech
recorded a loss of $2,472,841 ($0.03 per share), compared to $1,934,912 ($0.05
per share) for the same period last year.
For the year ended March 31, 2007, revenues were $243,475 compared to
$61,505 in 2006. Research and development expenses were $4,958,358 for the
year ended March 31, 2007 compared to $3,202,617 for the year ended March 31,
2006. The net loss for the year ended March 31, 2007, amounted to $8,113,553
($0.09 per share) compared to $6,855,050 ($0.17 per share) for the year ended
March 31, 2006. The increase in net loss is mainly attributable to higher
research and development costs incurred for BST-CarGel(R) and BST-DermOn(TM)
multi-center clinical trials and to the hiring of new employees.
As at March 31, 2007, liquidities comprised of cash, cash equivalents and
short-term investments totalled $11,925,979 compared to $10,888,964 at
March 31, 2006. This increase is reflective of proceeds from financing
activities, net of funds used for operating and investing activities.
An expanded Management's Discussion and Analysis is accessible on the
BioSyntech website at www.biosyntech.com and with the Company's regulatory
filings at www.sedar.com.
About BioSyntech
BioSyntech is a biotechnology company specializing in the discovery,
development and manufacturing of innovative cost-effective and
physician-friendly biotherapeutic thermogels for regenerative medicine and
therapeutic delivery. BioSyntech's Quality Management System is registered to
ISO 9001:2000 standard. For additional information, visit www.biosyntech.com.
About BST-CarGel(R)
BST-CarGel(R) is a promising new therapeutic approach for repair of
localized cartilage lesions. BST-CarGel(R) is mixed at the time of surgery
with the patient's own blood and applied during minimally-invasive surgery. It
acts in situ as a 3-dimensional scaffold and may guide the repair of the
damaged cartilage.
About BST-DermOn(TM)
BST-DermOn(TM) is a first-line spread-on treatment for chronic wounds
used in conjunction with a semi-occlusive secondary dressing. As a hydrogel,
it provides a moist healing environment while simultaneously distributing
chitosan over the wound surface, bringing chitosan's unique blend of potential
wound healing characteristics to the repair environment. The inherent wound
healing, haemostatic, as well as bacteriostatic properties of the chitosan
component of BST-DermOn(TM) have been well documented in the scientific
literature.
Forward Looking Statements
This press release contains forward-looking statements and information
which are subject to material risks and uncertainties. Such statements are not
historical facts and are based on the current expectations of management. You
are cautioned that such statements are subject to a multitude of risks and
uncertainties that could cause actual results, future circumstances, or events
to differ materially from those projected in the forward-looking information.
These risks include, but are not limited to, those associated with our
capacity to finance our activities, the adequacy, timing, and results or our
clinical trials, the regulatory approval process, competition, securing and
maintaining corporate alliances, market acceptance of the Company's products,
the availability of government and insurance reimbursements for the Company's
products, the strength of intellectual property, the success of research and
development programs, reliance on subcontractors and key personnel, and other
risks and uncertainties detailed from time-to-time in our filings with the
Canadian securities commissions.
Readers should not place undue reliance on the forward-looking
information, given that (i) our actual results could differ materially from a
conclusion, forecast or projection in the forward-looking information, and
(ii) certain material factors or assumptions which were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking information, could prove to be inaccurate. Additional
information about (i) the material factors that could cause actual results to
differ materially from the conclusion, forecast or projection in the
forward-looking information, and (ii) the material factors or assumptions that
were applied in drawing a conclusion or making a forecast or projection as
reflected in the forward-looking information, is contained in the Company's
annual report and other documents filed from time to time with the Canadian
securities commissions which are available at www.sedar.com.
These statements speak only as of the date they are made, and we assume
no obligation to revise such statements as a result of any event, circumstance
or otherwise, except in accordance with law.
%SEDAR: 00020217EF